TEHRAN (FNA)- The National Iranian Oil Company (NIOC) and the Mostazafan Foundation signed a Memorandum of Understanding with Tetneft of Tatarestan, an autonomous republic in the Russian Federation.
The document was signed at a meeting between Iranian Deputy Oil Minister and NIOC Managing Director Seifollah Jashnsaz and Tatarestan’s Prime Minister Rustam Minnikhanov.
The MoU is expected to enable Tatneft to expand its operations to Iran’s oil market.
Iran and Russia announced in late 2007 that they were stepping up cooperation in fuel and energy. Following the fourth meeting of the permanent Iranian-Russian trade and economic cooperation commission’s working group for energy, the two sides welcomed the participation of Russian oil and gas companies Gazprom, Gazprom Neft, LUKoil, and Tatneft, among others, in the exploration, production, and processing of hydrocarbons, as well as the gas- and petrochemicals industry and construction of natural gas storage facilities on Iranian territory.